Form Et-501 - Generation-Skipping Transfer Tax Return For Terminations

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ET-501
New York State Department of Taxation and Finance
Generation-Skipping Transfer
(12/13)
For office use only
Tax Return for Terminations
For terminations made after December 31, 2010, and before January 1, 2014
Calendar year
Name of trust
EIN of trust
Name of trustee filing return
Address of trustee (number and street or post office box)
Name and title of officer representing trustee
City
State
ZIP code
Did the termination occur at the same time as, and as a result of, the death of an individual? .............................................. Yes
No
If No, Stop; you are not required to file this form.
Schedule A – Computation of maximum state generation-skipping transfer tax credit
A
B
C
D
E
F
G
H
I
Description of property
Fair market value
NYS inclusion ratio
Taxable
Date
NYS GST tax
NYS
NYS
Maximum state
subject to termination
of property at time
applicable
(1 - C/D); (round to
transferred
exemption
GST
amount
GST tax credit
allocated to trust
from federal
(see instructions)
3 decimal places)
(G × H)
to trust
of transfer to trust
tax rate
tax rate
Form 706‑GS(T),
(see instructions)
(E x F)
Schedule A,
line 6
.0275
.0275
.0275
.0275
Total maximum state GST tax credit
(total of column I; enter here and on Schedule B, line 1)
..................................................................
Schedule B – Computation of tax due
1 Maximum state generation‑skipping transfer tax credit allowable
(from Schedule A, column I)
.....................
1.
(if the taxable termination included
Proration of the credit for state generation-skipping transfer tax
non-New York property, complete lines 2, 3, and 4; otherwise enter the amount from line 1 on line 5)
2 Gross value of New York property included in the taxable termination
for federal generation‑skipping transfer tax purposes
(see instr.)
......
2.
3 Gross value of all property included in the taxable termination for
federal generation‑skipping transfer tax purposes
(see instr.)
........
3.
4 Divide line 2 by line 3
(round the result to the fourth decimal place)
............................................................
4.
5 New York State generation‑skipping transfer tax
(multiply line 1 by line 4; if no entries are made on lines 2, 3,
and 4, enter the amount from line 1)
.............................................................................................................
5.
6 Estimated payment
(see instructions)
...........................................................................................................
6.
7 If line 6 is less than line 5, subtract line 6 from line 5. This is the amount you owe .................................
7.
8 If line 6 is greater than line 5, subtract line 5 from line 6. This is the amount to be refunded to you .......
8.
Attach a copy of your federal generation‑skipping transfer tax return, Form 706‑GS(T), along with all supporting schedules and documents.
Signature of trustee or officer representing trustee
Date
E‑mail address of trustee or officer representing trustee
Print name of preparer other than trustee
Signature of preparer other than trustee
Date
E‑mail address of preparer
Address of preparer
City
State ZIP code
Preparer’s PTIN or SSN
Preparer’s NYTPRIN

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